Australia Not Repatriating Debts
Received Thursday, 9.55 p.m. CANBERRA, March 3. Mr. Ohifley stated in the House of Representatives today that the Austra lian Government svould not repatriate Australia 's overseas debts on any large scale. He reiterated that there would be no change in the exehange rate of the Australian pound while sterling remained at its present relationship with other world currencies. Mr. Lang, Independent Labour, pointed out that Australia had accumulated t'unds abroad amounting to £350,000,000. Mr, Chiflev replied that Australia 's I.ondon funds were not the property of the Government but of the Commonwealth Bank. If any were used for a partic-ular purpose the bank would have to be compensated. A considerable portion of the funds had been held in London under a gentlemen's agreement that tliey would not be used except in cases of emergency. Australia has imports this year amounting to over £400,000,000 and they might be greater next year because capital equipment would be neeessarv soon. Nevertheless, by June the Government would have repatriated £110,000,000 of overseas debts. *
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Chronicle (Levin), 4 March 1949, Page 5
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174Australia Not Repatriating Debts Chronicle (Levin), 4 March 1949, Page 5
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